Thursday, October 12, 2017

San Jose has the fastest-growing economy in California

The San Jose metro continues to grow despite already having one of the most booming economies in the US (and perhaps the world). The Center for Continuing Study of the California Economy (CCSCE) released a report last month showing that our GDP--essentially how productive each worker is--increased faster than any other region in California.

We grew our local economy by 5.9% while SF grew by 5.4%, Sacramento came in at 3% and LA at 2.1%. While this is a great indicator for jobs and salaries in the area, it also will continue to put upward pressure on housing costs. Overall this is a big win and shows that we are still on an upward trajectory.

Oh, and there was also a random fun fact in the report. If the Bay Area was a country (not Califonia, but just the 9-county Bay Area), we would have the 18th largest economy in the world just behind Turkey and surpassing the Netherlands.